“India is a geographical term. It is no more a united nation than the equator.” – Winston Churchill
The same ‘geographical term’ is all set to remove Great Britain from the top five world economies by 2022 according to International Monetary Fund.
But India has a lot of challenges to cross before becoming one of the top-5 economies in the world. The biggest and most recent debacle being demonetization.
In addition to demonetization, the implementation of Goods and Sales Tax is also a problem India will have to overcome. But economists are positive that GST will be beneficial in the long term.
In addition to these challenges, India is dismal in productivity when compared to the top economies. Output per worker in India is projected at $3,962 in 2017, a fraction of Germany’s $83,385.
But in conclusion, India does have great potential, and the GDP is growing by an impressive 9.9% per year according to IMF.
It has taken us around 70 years, but in the end, we have overtaken our former colonial masters.
For India, despite all the challenges, the only way is forward.
Source – Indian Express